________ Are the Largest and Probably the Most Important Financial

question 33

Multiple Choice

________ are the largest and probably the most important financial institutions in Canada.

• A) Credit rating agencies
• B) Private banks
• C) Credit unions
• D) Commercial banks

---

Definitions:

Income Elasticity

A measure of how much the demand for a good or service changes relative to a change in consumers' income.

Housing Property

Real estate that includes residential homes such as single-family houses, apartments, and condos, used for living purposes.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, usually identified by a fall in GDP in two successive quarters.

Demand Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.